JWS - Barry Sternlicht says `astounded' by SPAC market trading like Bitcoin

Billionaire investor and hotel mogul Barry Sternlicht (JWS) said in CNBC interview that he's "astounded" by the SPAC market and said it's filled with daytraders and kids."I'm just watching and astonished. Companies that I passed on for $5b trading at $20b market caps with 1% gross margins in completely undefendable businesses with new competitors taking their lunch," Sternlicht said in CNBC interview.“There are companies that are trading like bitcoin. They’re just going up and up and up, and they read about it on some social media platform, and they just keep buying it," Sternlicht said in interview on CNBC."There is a group of people I'd say in the SPAC universe of  of sponsors that really don't care what they are paying for a company. The guy wants $2b, they say I'll pay you $3b and they kinda go on TV, sometimes on your show, and just promote the hell out of their

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Barry Sternlicht says `astounded' by SPAC market, trading like Bitcoin